I (Meaning and importance of Exports) Unit Structure

participants, (taking into account their respective levels of 
economic and industrial development, the pattern of their 
external trade and trade policies and systems.) 
4. The GSTP shall be negotiated step by step, improved and 
extended in successive stages, with periodic reviews. 
5. The GSTP shall not replace, but supplement and reinforce, 
present and future sub-regional, regional and inter-regional 
economic groupings of developing countries of group 77. 
6. The special needs of the least developed countries shall be 
clearly recognized and concrete preferential measures in favour 
of these countries should be agreed upon, the LDCs will not be 
required to make concessions on a reciprocal basis. 
7. The GSTP shall include all products, manufactures and 
commodities in their raw, semi-processed and processed forms. 
8. Inter-governmental sub-regional, regional and inter-regional 
groupings for economic co-operation among developing 
countries that are members of the group 77 may participate, 
fully as such, if and when they consider it desirable, in any or all 
phases of the work of the GSTP. 
4.12 SUMMARY 

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Economic integration is a group countries which join together 
for enhancing trade and development. The various types of 
Economic integration are Preferential Trade Arrangement, Free 
Trade Area, Custom Unions, Common Market and Economic 
Union. 
A trading bloc is a group of countries, which is formed for the 
purpose of economic, social and cultural developments in the 
region. EU, NAFTA, ASEAN, SAARC are some of the main Trading 
Blocs. 
Trade blocs are against the growth of free international 
trade. However, trade blocs are also useful for integration of 
economies of member countries. Trade Creation, Large scale 
production and distribution, Economic growth, Employment, 
Technological development, Higher investment, Betterment of 
Social and Cultural relations, Better utilization of resources, 
Consumer welfare these are the positive points of implication of 
trade blocs.